Sales of $550,000 Are Forecast for the Third Quarter

question 5

Multiple Choice

Sales of $550,000 are forecast for the third quarter. Gross profit is 40% of sales, and beginning inventory is $165,000. If ending inventory is budgeted as $215,000, what are the budgeted purchases?

• A) $270,000
• B) $330,000
• C) $165,000
• D) $380,000

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